Business development companies (BDCs) sponsored by Franklin Square Capital Partners (Franklin Square), have funded a residential solar service company, marking its second solar related investment this quarter.
Sunnova Energy Corp. announced that it secured $250 million in committed funding led by BDCs sponsored by Franklin Square. The funds will be used to power Sunnova’s growth and to deliver solar energy to more homes across the U.S.
“The rapid growth Sunnova is experiencing in the markets we serve is propelled by our dedication to provide high-quality resources in support of our market leadership and customer service,” said Sunnova Chief Executive Officer William J. (John) Berger in a statement.
Sunnova claims to be the recipient of “the largest-ever round of funding raised by a private residential solar service company” as a result of this commitment led by Franklin Square.
Last month, four of the sponsor’s BDCs invested $200 million in Altus Power America Management, which invests, owns, and operates solar and clean energy projects.